India to ask for waivers on Iran sanctions

New Delhi, January 7, 2012

India will ask for waivers on new US sanctions on Iran as it seeks to minimize the impact of curbs on oil imports from Tehran, the Times Of India reported on Saturday, without identifying a source for its report.

India's National Security Adviser Shivshankar Menon met the US ambassador in New Delhi, Peter Burleigh, on Friday, the newspaper reported. Foreign Secretary Ranjan Mathai is expected to discuss the matter further when he travels to Washington.

Spokesman for India's Foreign Office and the US embassy were not available for comment.

US President Barack Obama last month signed into law new sanctions against financial institutions dealing with Iran's central bank, the main conduit for the country's oil revenues.

The latest sanctions - part of US effort to reduce Iran's oil revenue and force the country to abandon its suspected nuclear weapons program - have pushed up global crude prices.

Brent crude prices gained more than 5 percent last week on anxiety over Iran and potential supply disruptions. India is the No.2 customer for Iran's oil after China.-Reuters